The S&P BSE Sensex and NSE Nifty 50 indexes recovered from intraday low levels in noon deals to hit record highs led by gains in Reliance Industries, HDFC Bank, Bharti Airtel, Axis Bank, Tata Consultancy Services and State Bank of India. The benchmarks opened lower owing to weakness in banking shares. However, buying at lower levels in banking stocks helped in market recovery. The Sensex rose over 300 points from day’s lowest level to hit record high of 49,396.34 and Nifty touched an all-time high of 14,535.75.
As of 12:48 pm, the Sensex was up 102 points at 49,371 and Nifty 50 index rose 57 points to 14,541.
Buying was visible across most of the sectors. Eight of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Realty index’s 3.5 per cent gain. Nifty Auto, Metal, PSU Bank, Media and Bank indexes also rose between 1-2.5 per cent.
On the other hand, Media, IT and Pharma shares were witnessing some selling pressure.
Mid- and small-cap shares were witnessing buying interest as Nifty Midcap 100 index rose 1 per cent and Nifty Smallcap 100 index advanced 0.41 per cent.
Tata Motors was top gainer in the Nifty 50 basket of shares, the stock rose 10 per cent to Rs 242 after Jaguar Land Rover’s retail sales for the quarter ended December 31, 2020 stood at 128,469 vehicles, 13.1 per cent higher than 113,569 vehicles sold in the preceding quarter, but down 9.0 per cent compared to the same period last year.
GAIL India advanced 4 per cent to Rs 141 after the company informed exchanges that its board will meet on January 15 to discuss share buyback proposal.
Eicher Motors, Coal India, Bharti Airtel, Indian Oil, Hero MotoCorp, HDFC Bank, Axis Bank and Reliance Industries also rose between 1.7-2.5 per cent each.
On the flipside, Divi’s Labs, Asian Paints, tech Mahindra, Sun Pharma, Titan, Hindustan Unilever, Kotak Mahindra Bank and Nestle India were among the losers.
The overall market breadth was positive 1,634 shares were advancing while 1,289 were declining on the BSE.